CANEX Metals Inc. ('CANEX' or the 'Company') is pleased to announce results from 5 reverse circulation drill holes from the maiden drill test of the WestGold Target at the Gold Range Project, Arizona.
Highlights
The first holes ever drilled into the WestGold Target have resulted in a new drill discovery with hole GR23-120 returning 0.7 g/t gold over 35 metres including 1.9 g/t gold over 10.67 metres and 2.5 g/t gold over 7.6 metres
Hole GR23-118 intersected 0.2 g/t gold over 54.9 metres including 0.4 g/t gold over 15.2 metres, along with 3 additional mineralized intervals at depth
A flat dipping structural control on the WestGold discovery combined with significant mineralized intercepts in holes GR23-118 and 120, indicate potential for a large near-surface zone of oxide-gold mineralization at WestGold
WestGold is located 450 metres west of known mineralization at Eldorado, extending the known strike length of the main mineralized trend on the property to 4 kilometres
Results for 19 drill holes are pending, including holes testing the Shaft Target, targets parallel to Excelsior, and the main Excelsior Zone along strike and to depth
Dr. Shane Ebert, President of the Company stated, 'These significant drill intercepts at WestGold further highlight the prospectivity of the Gold Range Project and our Teams ability to identify and successfully drill test new targets. Recognizing a flat dipping structural control at WestGold is key to understanding the size potential of the mineralized zone, which could extend over an area hundreds of metres by hundreds of meters sitting in an ideal setting close to surface near the top of a large hill. We look forward to further advancing the WestGold zone through focused exploration work, including drilling, to fully assess the scale and grade of the mineralized system'.
The WestGold mineralized zone contains mineralized quartz veins occurring along a flat dipping shear zone that is surrounded by a wider halo of irregular quartz veins and veinlets giving rise to a potential bulk tonnage oxide gold target. The zone has potential to extend over an area hundreds of meters by hundreds of metres and its location near the top of a hill allows for evaluation by shallow surface drilling and provides a favorable open pit geometry. WestGold is located 450 metres west of known mineralization at Eldorado, extending the known strike length of the main mineralized trend on the property to 4 kilometres from the previously outlined 3.5 kilometres. About Gold Range
The Gold Range project is a new bulk-tonnage oxide-gold target located within an underexplored metamorphic terrain in Northern Arizona. CANEX controls 5 kilometres of strike length along a highly prospective district scale structure where mineralization is being defined through surface sampling, mapping, and reverse circulation drilling. The main exploration target defined by surface work is 4000 metres long by up to 500 metres wide with multiple subparallel exploration targets identified. The target zone remains open along strike under basin cover. Drilling by CANEX has returned strong results including 1 g/t gold over 59.5 metres, 1.6 g/t gold over 35.1 metres, 2.2 g/t gold over 24.4 metres, and 0.3 g/t gold over 62.5 metres.
About CANEX Metals
CANEX Metals (TSX.V:CANX) is a Canadian junior exploration company with a new gold discovery at the Gold Range Project in Northern Arizona, and high grade silver and gold mineralization at the Gibson property in British Columbia.
Contact:
Tel: 1.250.964.2699
Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as 'expects', 'projects', 'plans', 'anticipates' and similar expressions, are forward-looking information that represents management of CANEX Metals Inc. internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of CANEX. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause CANEX's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in CANEX's filings with the Canadian securities authorities. Accordingly, holders of CANEX shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. CANEX disclaims any responsibility to update these forward-looking statements.
CANEX METALS INC. 
